voa标准英语2008-South Africa Cuts Interest Rates to Stimulate Gr

South Africa has joined the global trend of lowering interest rates to combat the current economic slowdown. The move is an abrupt¹ reversal for a country that has been raising interest rates for years to control inflation. The change signals that Africa's largest economy is struggling.

Newspapers are calling the decision a "Christmas gift" from the central bank. Interest rates here have risen five percentage points since 2006. But Reserve Bank Governor Tito Mboweni said rates would now go down by half a point, to 11.5 percent. He told reporters the global economic slowdown has caught up with South Africans.

"Lets be fair to everybody, there are lots of folks out there who are under stress," Mboweni said. "And you know one cannot conduct monetary² policy as if you are an island unaffected by what happens in [the] mainland."

South African factories and mines are planning to layoff³ more than 15,000 workers in 2009. As well, consumer spending has dropped sharply. Mboweni said it was time to ease restrictions⁴ on credit, even though the economy as a whole is still growing.

"And it is very clear by looking at the data that certain sub-sectors⁵ of the South African economy are in recession," Mboweni said. "But the whole economy is not in recession. And it is unlikely from what we know at the moment to go into recession."

The rate cut means people will pay less each month on home and car loans. But not everyone is cheering.

"For those people who are in financial distress⁶, frankly⁷ half a percentage point is too little too late," said Rael Levitt, who heads an investment management firm called the Alliance Group.

Levitt says Thursday's rate cut may help those bordering on bankruptcy⁸. But he says it will not be large enough to generate widespread growth.

"There have been far more dramatic rate cuts in the U.S., certain European countries, as well as in Australia as well and in East Asia. And our feeling is that to really kick start the economy the cut would have to be up to four percent," Levitt said.

At the firm Investment Solutions, chief economist⁹ Chris Hart agrees that Thursday's modest cut will not be enough to save those sectors of the economy that are already in recession. And, Hart says the situation in South Africa will have a broader effect throughout Africa.

"Slowdown in South Africa can cause South African corporates and investment intentions to be cut as companies conserve¹⁰ cash and become more conservative," Hart said. "And so it can result in a lower investment flow from South Africa into other African countries."

But Hart believes the half-point cut is just the beginning, and that rates will continue to drop into 2009.

1 abrupt   

adj.突然的，意外的；唐突的，鲁莽的

参考例句：

• The river takes an abrupt bend to the west.这河突然向西转弯。
• His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。

2 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

3 layoff   

n.临时解雇，操作停止，活动停止期间，失业期

参考例句：

• Finally, prepare an explanation about what led to your layoff.最后，要准备好一套说辞来解释你被解雇的原因。
• Workers were re-employed after the layoff.在暂时解雇不久后工人们又被再度雇用了。

4 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

5 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

6 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

7 frankly   

adv.坦白地，直率地；坦率地说

参考例句：

• To speak frankly, I don't like the idea at all.老实说，我一点也不赞成这个主意。
• Frankly speaking, I'm not opposed to reform.坦率地说，我不反对改革。

8 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

9 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

10 conserve   

vt.保存，保护，节约，节省，守恒，不灭

参考例句：

• He writes on both sides of the sheet to conserve paper.他在纸张的两面都写字以节省用纸。
• Conserve your energy,you'll need it!保存你的精力，你会用得着的！